Crown (NYSE:CCK) Shares Gap Up on Better-Than-Expected Earnings

Crown Holdings, Inc. (NYSE:CCK)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $104.75, but opened at $108.74. Crown shares last traded at $106.86, with a volume of 439,465 shares.

The industrial products company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.29. The firm had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $3.10 billion. Crown had a return on equity of 27.63% and a net margin of 4.64%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.81 earnings per share.

Crown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were given a dividend of $0.26 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.04 dividend on an annualized basis and a yield of 0.99%. Crown’s dividend payout ratio is currently 22.37%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Citigroup boosted their target price on Crown from $119.00 to $129.00 and gave the stock a “buy” rating in a report on Thursday, July 3rd. Barclays upped their price objective on Crown from $109.00 to $117.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Truist Financial increased their target price on Crown from $110.00 to $117.00 and gave the company a “hold” rating in a report on Friday, July 11th. Wells Fargo & Company upped their price objective on shares of Crown from $101.00 to $110.00 and gave the company an “equal weight” rating in a research note on Friday, July 18th. Finally, Mizuho raised their price objective on shares of Crown from $110.00 to $127.00 and gave the company an “outperform” rating in a research report on Tuesday, July 15th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Crown presently has an average rating of “Moderate Buy” and a consensus price target of $119.91.

Insider Buying and Selling

In related news, COO Gerard H. Gifford sold 7,000 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $97.00, for a total value of $679,000.00. Following the transaction, the chief operating officer directly owned 135,014 shares of the company’s stock, valued at approximately $13,096,358. The trade was a 4.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christy L. Kalaus sold 2,130 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $99.41, for a total value of $211,743.30. Following the completion of the sale, the vice president owned 4,500 shares in the company, valued at $447,345. This represents a 32.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

Institutional Trading of Crown

Several hedge funds and other institutional investors have recently bought and sold shares of CCK. Farther Finance Advisors LLC raised its holdings in Crown by 19.7% in the second quarter. Farther Finance Advisors LLC now owns 633 shares of the industrial products company’s stock worth $65,000 after purchasing an additional 104 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Crown by 47.6% during the 1st quarter. Larson Financial Group LLC now owns 332 shares of the industrial products company’s stock valued at $30,000 after buying an additional 107 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Crown by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 356 shares of the industrial products company’s stock valued at $32,000 after buying an additional 111 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Crown by 4.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,858 shares of the industrial products company’s stock worth $256,000 after purchasing an additional 115 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its stake in Crown by 4.6% in the 4th quarter. TD Private Client Wealth LLC now owns 2,864 shares of the industrial products company’s stock worth $237,000 after acquiring an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Crown Trading Up 0.2%

The firm has a market cap of $12.21 billion, a P/E ratio of 22.05, a P/E/G ratio of 1.71 and a beta of 0.76. The company has a current ratio of 0.87, a quick ratio of 0.56 and a debt-to-equity ratio of 1.50. The stock has a 50 day simple moving average of $102.36 and a 200-day simple moving average of $92.97.

About Crown

Crown Holdings, Inc, together with its subsidiaries, engages in the packaging business in the United States and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The company manufactures and sells recyclable aluminum beverage cans and ends, glass bottles, steel crowns, aluminum caps, non-beverage cans, and aerosol cans and closures.